Poor decisions, no talent, no accountability, pretty much every day is a disaster. Layoffs are just the end result.
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Hatchet men are CEOs brought into a failing or distressed company primarily to accelerate its end, through aggressive cost cutting, asset sales, mass layoffs, shutdown of operations, or formal liquidation, rather than attempt a genuine turnaround. The company is often viewed as worth more dead than alive / assets exceed ongoing enterprise value / so the goal is a swift wind down that maximizes recovery for creditors or shareholders. Sound familiar?